Correlation Between Acadia Realty and Harte Hanks
Can any of the company-specific risk be diversified away by investing in both Acadia Realty and Harte Hanks at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Acadia Realty and Harte Hanks into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Acadia Realty Trust and Harte Hanks, you can compare the effects of market volatilities on Acadia Realty and Harte Hanks and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Acadia Realty with a short position of Harte Hanks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acadia Realty and Harte Hanks.
Diversification Opportunities for Acadia Realty and Harte Hanks
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Acadia and Harte is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Acadia Realty Trust and Harte Hanks in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harte Hanks and Acadia Realty is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Acadia Realty Trust are associated (or correlated) with Harte Hanks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harte Hanks has no effect on the direction of Acadia Realty i.e., Acadia Realty and Harte Hanks go up and down completely randomly.
Pair Corralation between Acadia Realty and Harte Hanks
Considering the 90-day investment horizon Acadia Realty Trust is expected to generate 0.59 times more return on investment than Harte Hanks. However, Acadia Realty Trust is 1.68 times less risky than Harte Hanks. It trades about 0.09 of its potential returns per unit of risk. Harte Hanks is currently generating about -0.04 per unit of risk. If you would invest 1,352 in Acadia Realty Trust on August 29, 2024 and sell it today you would earn a total of 1,256 from holding Acadia Realty Trust or generate 92.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Acadia Realty Trust vs. Harte Hanks
Performance |
| Timeline |
| Acadia Realty Trust |
| Harte Hanks |
Acadia Realty and Harte Hanks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acadia Realty and Harte Hanks
The main advantage of trading using opposite Acadia Realty and Harte Hanks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acadia Realty position performs unexpectedly, Harte Hanks can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Harte Hanks will offset losses from the drop in Harte Hanks' long position.| Acadia Realty vs. CBL Associates Properties | Acadia Realty vs. Cedar Realty Trust | Acadia Realty vs. Simon Property Group | Acadia Realty vs. Realty Income |
| Harte Hanks vs. FTAI Infrastructure | Harte Hanks vs. Steel Partners Holdings | Harte Hanks vs. Mammoth Energy Services | Harte Hanks vs. Seaboard |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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